The Truth About The 'Facebook Halts Trading' Report That Suggests A Facebook IPO Filing Is Coming Soon

Smith
(holding the gun on the right) is locked and loaded for
Facebook!Jim
Migdal

Last night
Bloomberg reported that Facebook has halted trading of its
shares on secondary markets.

This whipped people into a Facebook IPO frenzy.

Then, this morning
Fortune is reporting that Facebook shares auctions are
proceeding like normal on secondary markets.

What's actually going on?

According to reporters on all sides, agreements and
contracts are still being drawn up between buyers and sellers on
secondary markets, but Facebook's law firm, Fenwick & West,
won't sign off on them for the next three days for whatever
reason.

This reason could be an IPO filing or it could be something as
routine as a "shareholder audit," which Facebook has done before.

In short: we don't know any more about when Facebook's
IPO will come than we did 16 hours ago.